10/22/2014 Live Update

[Cobra]

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In channel. not sure if any pullback here but this bull shall have legs.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2014/10 ... ay-update/

[uempel]

Last week's correction reminded me of the Flash crash. I looked back to see what exactly happened in May 2010:

This is the Flash crash chart

This is the recent correction

[cletus]

Bulls need to be a little cautious here. The Nasdaq 100 seems strong until you study the chart. It is very overbought now on the 60 min chart, yet it hasn't made a higher high or broken falling trendlines, which means over the next few days, if it falters near the white arrow, there could be a sharp pullback. Perhaps a huge bull flag is emerging.

[Tutti]

McClellan wise we are as overbought coming in to today as we were oversold last week. Getting long here has the same probability of success as getting short last week.
NYSE:

NASDAQ:

[uempel]

SPX 1943 area is interesting - either a bearish Good-bye kiss or a bullish signal: SPX back in the black channel

[cletus]

Not that I'm rooting for ebola, but all it takes is a few more cases to set the ball rolling downward again...reason to be a little skeptical here

http://www.nbcnewyork.com/news/local/Ne ... 88202.html

[DellGriffith]

daily SPY bullish cross has occurred that fits my system as valid. It is #39. If it holds to end of day, it has a record of 38-0 over the past decade plus.

Prior bullish crosses typically involve the market just marching relentlessly higher, ignoring overbought readings, an army of white candles, crushing the souls of shorts, etc.

[Cobra]

members only update at 9:44 am
http://www.cobrasmarketview.com/2014/10 ... ay-update/

[Tutti]

Not that I'm rooting for ebola, but all it takes is a few more cases to set the ball rolling downward again...reason to be a little skeptical here

http://www.nbcnewyork.com/news/local/Ne ... 88202.html

On this note, have any of you guys seen this idiot:http://dailyreckoning.com/our-ebola-sto ... overnight/

"Right now, we are in the early innings of the greatest profit opportunities of the 21st century. A biotech boom that’s about to hit epic proportions thanks to Ebola.

If I’m right, we are going to see Ebola in New York, Los Angeles, San Francisco and Miami. And when this happens, every single stock that has anything to do with Ebola is going to soar."

I get making money, but what kind of imbecile thinks a virus with a 75% mortality rate hitting our most populated cities is a good thing?

[cletus]

I get making money, but what kind of imbecile thinks a virus with a 75% mortality rate hitting our most populated cities is a good thing?

That's evil!

[Cobra]

members only update at 10:07 am
http://www.cobrasmarketview.com/2014/10 ... ay-update/

[Al_Dente]

IBM hasn’t been this oversold since 2008.
It plunged into an official “bear market” (as of yesterday it was down about -23% from its 2013 peak).
Selling volume is at a level which in the past produced a bounce within a week, as this is a WEEKLY chart.
IBM was 7% of the dow.

[Cobra]

3 push up?

[L_T]

IBM hasn’t been this oversold since 2008.
It plunged into an official “bear market” (as of yesterday it was down about -23% from its 2013 peak).
Selling volume is at a level which in the past produced a bounce within a week, as this is a WEEKLY chart.
IBM was 7% of the dow.

1022ibm_png.png

Big Blue is broken. Maybe Watson can super-compute them a strategy for success?

[Out of Bounds]

Even a blind bear finds a salmon once in a while.

[Out of Bounds]

/cl crude oil just fell on high inventory numbers

[uempel]

Update:

[uempel]

I've posted this chart many times - it's still interesting

[Eddie]

Yes, it is, Unempel. We are right there where the grand fall should start.